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Korean Job Discussion Forums
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aka Dave
Joined: 02 May 2008
Location: Down by the river
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 Posted: Mon Jul 14, 2008 10:55 pm Post subject: |
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Korea imports a lot of raw materials, so inflation is going to be an issue as long as there is heavy demand for commodoties (including but not confined to oil).
http://www.nytimes.com/2008/06/27/opinion/27krugman.html
kinda touches on it.
But the problem is hitting most countries including the USA.
Personally, I haven't noticed a big jump in daily expenses. But China and India are not showing signs of slowing down much, so in a way this is gonna be a big sh** sandwich and the whole world is gonna have to take a bite. |
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Faunaki
Joined: 15 Jun 2007
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| Posted: Mon Jul 14, 2008 11:08 pm Post subject: |
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[quote="itaewonguy"][quote="d-rail"][quote="itaewonguy"]
| Ilsanman wrote: |
And wages are doing what?
welcome to korea!
how do you think everyone can afford new cars, homes priced over 500 million won minumum, because wages increase here, even korean teachers get paid VERY well..
ESL teachers get paid squat! if you are 40 years old and been teaching here for 10 years at a hakwon and you are probably making 2.4-2.6 base!
ITS A JOKE business.. this job is good for an overseas experience and to help pay off your loans.. |
I totally agree with you. A lot of ESL teachers here think they make more than the average Korean, one guy even saying he was like a millionaire in Korea. They think doctors make 4,000,000 a month. What a joke.
Even the poor looking ajumma living in a jonesei home makes around 1,600,000 for working in a restaurant. 1.6 is not so far from 2.2 is it? |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Mon Jul 14, 2008 11:35 pm Post subject: |
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1. Do you think it helps workers to have a union in Korea?
2. Do unions help get pay increases for workers in Korea?
3. What is the standard pay increase for foreign English teachers?
4. What is the standard pay increase for Korean English teachers (in unions)?
Workers demanding pay raises as prices continue upward hike
Companies also face challenges due to steep rises in raw material prices.
By Seo Ji-eun, JoongAng Daily (July 15, 2008)
http://joongangdaily.joins.com/article/view.asp?aid=2892313
Workers Willing to Compromise on Pay Increase
Donga.com (July 15, 2008)
http://english.donga.com/srv/service.php3?biid=2008071594778
Average monthly income for regular workers rises 6.2 pct
Yonhap News (November 18, 2007)
http://english.yonhapnews.co.kr/business/2007/11/18/0503000000AEN20071118000600315.HTML
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The average monthly wage for regular workers in South Korea rose 6.2 percent during the first nine months of this year from a year earlier, figures released by the Labor Ministry said Sunday.
The average full-time worker at 7,438 workplaces earned 2,636,000 won per month in the January-September period, up from 2,482,000 won a year earlier, according to the ministry's monthly statistics on wages. |
Underground Economy Accounts for 30% of GDP
By Park Hyong-ki, The Korea Times (January 17, 2008)
http://www.koreatimes.co.kr/www/news/biz/2008/01/123_17466.html
image url
http://www.koreatimes.co.kr/upload/news/080117_p01_underground.jpg
Appetite for English Grows More Voracious
By Hwang Young-jin, JoongAng Daily (October 17, 2007)
http://joongangdaily.joins.com/article/view.asp?aid=2881570
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The demand for English speakers is higher than ever in Korea, as the country's voracious appetite to conduct business in the global market shows no sign of weakening and ability in the language is often required for jobs. The government and schools are driving the English trend....
Research conducted in 2006 on 51 members of the class of 1986 business administration majors from Seoul National University, found that better English ability led to higher salaries. On a scale of 1 to 5, those rated four or higher had an average annual salary of 106 million won while those at a 2 or 3 averaged 70 million. The overall average was 86 million won. |
Korea's 'Gold Misses' Are Multiplying
By Kim Ki-chan, JoongAng Daily (January 21, 2008)
http://joongangdaily.joins.com/article/view.asp?aid=2885344
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Cho Yoon-soo, a 41-year-old deputy senior manager at a large company, is the quintessential "Gold Miss." That means, roughly, a single woman in her 30s or 40s with an annual salary of more than 40 million won ($42,427).
Cho earns 55 million won per year and has her own apartment. "I don't mind staying late at work because I don't have to worry about a husband or children at home," Cho said. "That's why I can focus on myself and do my best at work." She is not hesitant to spend money on herself, either. Her wallet is full of membership cards -- for a massage parlor, a gym, a Chinese language institute and movie theaters.... |
Why Men Get Paid More Than Women
By Jane Han, Korea Times (October 11, 2007)
http://www.koreatimes.co.kr/www/news/biz/2007/10/123_11736.html
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Apart from the longer overall hours put in by men than women, Warren Farrell, author of "Why Men Earn More: The Startling Truth Behind the Pay Gap and What Women Can Do About It," said male workers are more likely to be open toward factors that lead to higher pay.
Relocating or traveling extensively for work, taking on more hazardous assignments, working in the hard sciences, taking jobs requiring greater financial risk and working in unpleasant environments are some of the conditions Farrell mentions in his book.
On the other hand, he writes that women lean toward careers that are more fulfilling, flexible and safe, with the tradeoff of lower pay.... |
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fusionbarnone
Joined: 31 May 2004
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| Posted: Mon Jul 14, 2008 11:37 pm Post subject: |
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| Bagpipes11 wrote: |
It is really a global phenomenon. And the scary thing is....nothing is really being done about it. The skyrocketing price of fuel is to blame. The price of gas in Canada is now $1.45/liter. The portions in restaurants are smaller while the prices are staying the same or rising. Utilities are more expensive, almost all consumer products are more expensive, while real estate is stagnant and unemployment is increasing everywhere.
But don't worry, those countries in the world who have just recently climbed out of poverty, will be the first ones thrust back into it. When they start starving again, that is when our ipods, SUV's, Starbucks, Playstations and designer clothes will become affordable again. |
I was reading somewhere where the US may someday sell SUVs to the Chinese and, the Chinese may sell bicycles to the US if the cost of gas continues to rise.
According to latest research from Australia, petrol will cost upwards of ten bucks a liter in ten years from now. As for us, we want to travel by plane and show the world to our little one before travel becomes the preserve of the wealthy.
Many jobs in the airline industry are being lost(14,000 from one airline as of today) as a direct result. I wonder whether K-employers pay begin paying a "percentage" of flight reimbursement in future.
The other frightening aspect that most people are deliberately avoiding is exactly what is happening with commodity prices of which getting a second or third job may become the norm(If you think you may never flip burgers back home, don't be surprised if there's a line ahead of you). The good life brought opportunities for migrant foreign labor in the US because most apart from high school kids, refused to do jobs considered beneath them. Through financial necessity this attitude may change.
The McDonald standard as a standard for cost of living is getting a wallop these days as more pertinent costs outweigh the discretionary.
Enjoy that sum gyup sul. |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Sun Jul 20, 2008 7:04 pm Post subject: |
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Prices for Milk and Other Items Set to Rise
By Cho Jae-eun, JoongAng Daily (July 21, 2008)
http://joongangdaily.joins.com/article/view.asp?aid=2892586
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Living in Korea will be more costly in the latter half of this year as public utility charges and dairy prices are likely to climb.
Consumers will have to pay more for dairy starting within a week. Raw milk producers and processors reached an agreement to raise milk prices by 20 percent, the Ministry of Food, Agriculture, Forestry and Fisheries said yesterday....
Last week, the Ministry of Knowledge Economy said it is planning a 30 to 50 percent hike in natural gas prices starting August. It added that the cost of electricity will go up five percent during August, although this rise will be reflected for industry.
Experts are concerned that this rise in electricity bills will lead to hikes in other public services, including subway fares and even tuition fees in state-run schools.... |
Food Prices Climb Again, Gas and Power to Follow
Chosun Ilbo (July 21, 2008)
http://english.chosun.com/w21data/html/news/200807/200807210008.html
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| With rising food prices already posing a threat to the livelihood of ordinary people, prices of public services including gas, electricity and public transportation are expected to increase in the second half of the year. |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Sat Aug 23, 2008 8:32 pm Post subject: |
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Hefty Chuseok bills as prices of staples soar
By Kwon Hyuk-joo and Im Mi-jin, JoongAng Daily (August 23, 2008)
http://joongangdaily.joins.com/article/view.asp?aid=2894009
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Households could be hit with hefty food bills during the Chuseok holidays next month as prices of agricultural and livestock products continue to rise....
According to Nonghyup, which runs retail center Hanaro Club in southern Seoul, a 1-kilogram bag of flour that last year cost 890 won (85 cents) has doubled to 1,700 won today. The price of minced pork has gone up 50 percent compared to a year earlier.... |
[img]http://joongangdaily.joins.com/_data/photo/2008/08/23021408.jpg[/img]
http://joongangdaily.joins.com/_data/photo/2008/08/23021408.jpg
Household spending falls in Q2
By Kim Young-hoon, JoongAng Ilbo (August 23, 2008)
http://joongangdaily.joins.com/article/view.asp?aid=2894007
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| "People are spending less as the economy freezes up and inflation continues to rise," said Kim Seong-jin, a social policy official at the Ministry of Strategy and Finance.... |
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sojusucks
Joined: 31 May 2008
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| Posted: Sat Aug 23, 2008 11:00 pm Post subject: |
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If the won keeps dropping against the Euro, Dollar, or whatever economic standard you wish, things are going to get really bad here.
I saw prices jump a couple thousand won at CostCo during the past week or two.
If we make the same amount and everything jumps in price, then I may not be able to afford to work here and this may be true for many other teachers. This might be a good time to collectively negotiate higher salaries. If you divide 2,000,000 Won by a 40 hour work week multiplied by 4 weeks in a month (2,000,000/(40*4), then we make about 12,500 Won an hour. That's not great for someone with a university degree (unless your an English major -- I'm joking). Or not, Korea could bring in more Philippinoes (http://news.xinhuanet.com/english/2008-07/10/content_8525339.htm). |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Thu Sep 18, 2008 4:47 am Post subject: |
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Imported Goods Expensive by International Standards
By Bae Ji-sook, Korea Times (September 18, 2008)
http://www.koreatimes.co.kr/www/news/nation/2008/09/117_31271.html
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Domestic prices of imported wine and blue jeans are much higher than those in most other countries, a survey by Consumers Korea, a price monitoring group, revealed Thursday.
The survey conducted in 28 countries on 52 consumer products -- which included pork, mobile phones, grapes, flour, shampoo, coffee and McDonald's hamburgers -- showed that Korea was in the top five most expensive countries for seven of the items.
"With income growth stagnant, most consumer goods are selling at inflated prices. This make people's livelihood a lot harder," the group said. "The government has a long way to go before removing the price bubbles.''...
"Also, the data show that the imported goods are sold at high prices, which necessitates upgrading efficiency in distribution channels. Therefore we urge the government to upgrade market transparency once more," she added....
However, prices were low for cable TV and electricity fees, at 23rd and 20th most expensive, respectively. |
Too bad you can not eat cable TV. Too bad you can not wear electricity fees. |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Tue Oct 14, 2008 5:35 am Post subject: |
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Prices Rise in Financial Crisis' Wake
By Cho Jae-eun, JoongAng Daily (October 14, 2008)
http://joongangdaily.joins.com/article/view.asp?aid=2896049
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Consumer prices are rising amid the global economic slowdown. Prices for tuna, imported fresh food and diapers are higher, and raw material prices, oil costs and the won�s weakness are adding upward pressure.
Dongwon F&B raised the price of canned tuna on Sept. 19 by 14 to 18 percent. A 150-gram "light standard" can, for example, now costs 1,980 won ($1.60), up from 1,680 won. The increase was reflected in stores in October. "Soaring tuna fish, iron ore [used to make the cans] and oil prices, as well as supply not meeting increased demand, all led to the price hike," said Kim Il-kyu, a manager at Dongwon F&B.
Industry leader CJ Cheiljedang raised the price of dasida, or seasoning powder, last month by 7 to 9 percent citing higher raw material prices.
SPC, which includes affiliate Dunkin' Donuts, raised the price of Shany and Samlip's hobbang, or steamed bread, from 600 won to the present 700 won on Sept. 5.
"We had been freezing bread prices for the last five to seven years but with wheat prices soaring more than 60 percent early this year and the won depreciating rapidly, we couldn�t avoid this hike," said an SPC official.
Kimberly-Clark Corp. raised the price of Huggies diapers by 7.3 percent, and Oxy Rechitt Benckiser upped the price of Oxy-Clean bleach by 13 percent.
Imported food prices have risen as well due to the depreciating won. Wholesale bananas were 13,000 won for 13 kilograms last year, but as of October, the price has soared 18,000 won. Industry experts predict that Australian beef imports will cost around 10 percent more in one or two weeks� time. |
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Louie
Joined: 12 Oct 2008
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| Posted: Tue Oct 14, 2008 5:50 am Post subject: |
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1996 - South Korean Won to 1 USD
January: 787 KRW
February: 780 KRW
March: 781 KRW
April: 780 KRW
May: 781 KRW
June: 798 KRW
July: 813 KRW
August: 818 KRW
September: 822 KRW
October: 828 KRW
November: 831 KRW
December: 842 KRW
http://www.x-rates.com/d/KRW/USD/hist1996.html
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Ahhh!....Those were the good ol' days  |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Sat Oct 25, 2008 8:07 pm Post subject: |
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Severe Electricity Price Hike on the Way
Chosun Ilbo (October 24, 2008)
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The Korea Electric Power Corporation said Thursday that electricity prices must rise 30 percent by 2009.
At a parliamentary audit session, KEPCO told National Assembly�s Knowledge Economy Committee that recent price hikes necessitate raising electricity prices by 21.2 percent (W6.3 trillion, US$1=W1,406), or 15 percent (W4.43 trillion) if state subsidies (W670 billion) and savings from streamlining operations (W1.2 trillion) are factored in. "Global coal prices are expected to soar to US$130-150 per ton next year from this year�s $90, so electricity prices must be raised by 12-15 percent to cover the additional costs," said the corporation.... |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Fri Nov 07, 2008 12:56 am Post subject: |
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Food Prices Soar Again Due to Weakness of Korean Won
By Sung So-young, JoongAng Daily (November 7, 2008)
http://joongangdaily.joins.com/article/view.asp?aid=2897032
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Prices of everyday food products such as ham and cooking oil have increased by between 10 and 20 percent, mainly driven by the weak local currency against other foreign currencies....
Prices of red pepper paste, or gochujang, sesame oil and cooking oil have increased as well. CJ Cheiljedang�s three-kilogram tub of gochujang is now 18,900 won ($14), a rise of 2,000 won. The price of Haepyo Corn Oil, manufactured by Sajo Industries, soared to 7,500 won from 6,980 won, a 7.4 percent hike. The companies blamed the increase on a small harvest of red pepper this fall.
Other agricultural crops such as sesame and corn also jumped because of the won�s low value. Due to Korea's high dependency on crop imports, the price of bananas increased by 10 percent. |
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JongnoGuru
Joined: 25 May 2004
Location: peeing on your doorstep
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| Posted: Fri Nov 07, 2008 1:48 am Post subject: |
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| aaa, stop trying to cheer us up. |
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Been There, Taught That
Joined: 10 Apr 2007
Location: Mungyeong: not a village, not yet a metroplex.
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| Posted: Tue Nov 11, 2008 4:01 am Post subject: |
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I'm swearing off
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| red pepper paste, or gochujang, sesame oil and cooking oil |
then, and especially
At least there's still Water Kimchi and Ppeppero! |
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